World oil supply increased by 230,000 barrels per day (bpd) in July, to 103.4 mln bpd, due to a significant increase in supplies from some OPEC+ countries, in particular, Iraq and Saudi Arabi, the International Energy Agency (IEA) said in its August report.
According to the agency's forecast, in total oil supply in 2024 will increase by 730,000 bpd, to a record 102.9 mln bpd. At the same time, non-OPEC+ countries will have to increase production by 1.5 mln bpd, while OPEC+ countries will cut production by 760,000 bpd if all voluntary restrictions remain in place.
Next year, global oil supply may grow by 1.9 mln bpd, to almost 105 mln bpd. Most of this growth will come from non-OPEC+ countries, while OPEC+ may increase production in 2025 by 400,000 bpd, even if voluntary restrictions remain in place, the IEA says.
Global commercial oil stocks fell by 26.2 mln barrels in June after four months of growth. Onshore oil stocks in OECD countries fell by 19.5 mln barrels, but this was almost offset by a 17.5 mln barrel increase in non-OECD countries.
